Saving/Spending Coins

How much do you talk with your 1040 clients about saving money and basic financial planning? One CPA from North Carolina recently told me, "For my tax clients, mostly average income families, I would feel like I'm not doing my job if I didn't prompt their thinking about improving their short-term and long-term financial positions. Most of them don't save nearly enough."

Can you come up with $2,000 in 30 days without selling any possessions? According to the National Bureau of Economic Research, a whopping 47 percent say they couldn't dig up the dough. Sad and scary, especially for those who are uninsured.

Saving coins in a piggy bank was taught to me at an early age; however, I never saved 2,500 pennies. Jason West of Vernal, Utah used 2,500 pennies to pay a disputed $25 medical bill. This stunt resulted in a citation and subsequent fine. Geez, whenever I try to pay for my coffee entirely with coins I get the evil eye. 2,500 pennies? Hopefully your 1040 clients aren't paying you in coins!